Market Summary: Homebuilders, Retailers Boost Investor Morale

Perhaps a bit of window dressing as the quarter nears the end may have helped Thursday’s market somewhat. The treasury auction for the 7 year was quite successful and this probably did not hurt matters either. On the flip side, unemployment data was disappointing in that it failed to demonstrate the same or better rate of improvement in May.

Better than expected earnings from homebuilder Lennar (LEN) and retailer Bed Bath Beyond (BBBY) also boosted investor morale. One cannot help but note the irony with a battered consumer and still deflating real estate market. Very interesting…

Leading industries: coal; construction; railroads; transports; precious metals; energy; basic materials. Lagging industries: n/a.

The short-term trend for the QQQQ was upgraded to bullish while the DIA, SPY, and IWM are all within a fraction of reversing their downtrends. All four ETF equity indexes are in intermediate uptrends while the QQQQ is the only index that is flashing a primary uptrend.

Below is Thursday’s market summary, market conditon and trend analysis, and support and resistance tables:

Market Summary

The DIA closed up +2.04% @ $84.72 and $0.18 below its high and $2.15 above its low on volume -9.83% below its average volume. Daily PMI* is @ 92.27.

The SPY closed up +2.07% @ 92.08 and $0.09 below its high and $2.51 above its low on volume +32% above its average volume . Daily PMI* is @ 96.54.

The QQQQ closed up +1.97% @ 36.29 and $0.07 below its high and $1.01 above its low on volume +8.92% below its average volume. Daily PMI* is @ 93.52.

The IWM closed up +2.88% @ 51.05 and $0.79 below its high and $1.96 above its low on volume +5.94% below its average volume. Daily PMI* is @ 71.27.

(*PMI measures and indicates strength of the underylying security’s trading range on a scale of 1-100.)

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Disclosure: Hillbent.com, Inc. or its affiliates may own positions in the equities mentioned in our reports. We do not receive any compensation from any of the companies covered in our reports.